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Die FTSE 100 schloss die Woche mit einem Plus von 167,84 Punkten oder 1,6 % bei 10.471,72 Punkten. Die FTSE 250 endete mit einem Plus von 355,07 Punkten oder 1,6 % bei 23.325,71 Punkten, während der AIM All-Share um 16,37 Punkte oder 2,1 % auf 787,33 Punkte stieg.

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Investing.com -- Exxon Mobil Corp. is in early-stage internal talks about possible acquisition targets, including Woodside Energy Group, Australia’s largest gas exporter, according to Bloomberg News, citing people familiar with the matter.

Woodside has a market value exceeding A$59 billion, or nearly $42 billion. The discussions remain preliminary and no certainty exists that Exxon will make an offer. Both companies declined to comment.

Exxon seeks to expand its presence in the liquefied natural gas sector and Asian markets, where it trails competitors such as Shell Plc and TotalEnergies SE. The urgency for an LNG-focused transaction increased after war broke out in Iran in late February, closing the Strait of Hormuz and cutting off one-fifth of global gas supply.

Major Asian buyers, including Japan and South Korea, are now searching for alternative suppliers following the Middle East disruption. Woodside maintains long-term sales agreements with these buyers.

Exxon completed a $60 billion purchase of US shale producer Pioneer Natural Resources Co. in 2024 and continues to pursue additional opportunities.

Woodside is developing a US Gulf Coast project scheduled to begin operations by 2029. In Australia, the company is advancing its Scarborough and Browse gas projects after recently increasing its stake in Browse to expand future LNG exports.

The two companies already work together in the Bass Strait project, where Woodside became operator last year.

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Shell plc SHEL has reportedly taken a significant step in re-establishing its presence in Venezuela by signing five agreements with the Venezuelan government to advance strategic oil and gas projects. The agreements mark a new phase in the relationship between the energy giant and the South American nation, highlighting the company's growing role in Venezuela's efforts to revitalize its energy sector and attract foreign investment.

The latest deals build on preliminary agreements signed earlier in the year and reinforce Shell's position as one of the first major international energy companies to capitalize on the country's renewed investment opportunities.

Loran Gas Field Takes Center Stage

At the heart of the agreements is Shell's participation in the Loran offshore gas field, a massive reservoir estimated to hold approximately 7 trillion cubic feet (Tcf) of natural gas. The field extends across maritime boundaries shared by Venezuela and Trinidad and Tobago, making it one of the region's most strategically important gas developments.

Venezuelan officials described the agreement as a historic milestone, as it advances the first phase of the Loran field's development plan. The project is expected to play a critical role in unlocking Venezuela's vast offshore gas resources and strengthening regional energy cooperation.

Supporting Venezuela's Gas Export Ambitions

The Loran project, alongside the 4.2-Tcf Dragon gas field in which Shell is also involved, is expected to pave the way for Venezuela's entry into offshore gas exports. Initial supplies are expected to be transported to Trinidad and Tobago, where the gas can be processed into liquefied natural gas (LNG) for international markets.

This development could create a new revenue stream for Venezuela while helping monetize the country's substantial untapped gas reserves. For Shell, the projects offer access to significant long-term gas resources in a region with growing export potential.

Broader Energy Cooperation Beyond Gas

The agreements extend beyond offshore gas development. Shell and Venezuela also reached a technical alliance aimed at expanding production from oilfields in Monagas North. Another pact focuses on procuring equipment and parts designed to reduce gas flaring, supporting operational efficiency and environmental performance.

Additionally, increased oil production linked to Shell's activities is expected to improve the availability of diluents used in producing Venezuela's flagship Merey crude blend and supplying domestic refineries.

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Broader Industry Implications

The agreements come amid broader geopolitical and economic shifts, including efforts to revitalize Venezuela's energy sector. They are among the first major expansion deals following reforms aimed at attracting international capital.

At the same time, BP p.l.c. BP is also expected to participate in the Loran gas field and the adjacent Cocuina-Manakin offshore gas project under separate agreements signed with the Venezuelan government in April. BP already has exposure to the region through its Manakin-Cocuina exploration and production license, awarded in 2024. However, U.S. approvals were revoked, prompting BP to lobby for reinstatement.

Chevron Corporation's CVX joint ventures with PDVSA are already producing approximately 260,000 barrels per day — about a quarter of Venezuela's total output. In April, CVX also signed an asset swap agreement with PDVSA, expected to support a potential 50% increase in production over the next two years within its existing footprint.The restructuring also positions Chevron to compete more effectively as Venezuela opens its energy sector to increased foreign investment following regulatory reforms.

A Strategic Win for Shell

The latest agreements elevate Shell, currently carrying a Zacks Rank #3 (Hold), to one of the most important partners of Venezuela's state-owned energy company, PDVSA. Having previously scaled back operations and closed offices in the country, Shell is now emerging as a key participant in some of Venezuela's most significant energy projects.

With the Loran and Dragon developments moving forward, the company is positioning itself to benefit from future gas exports while strengthening its presence in a resource-rich region undergoing a gradual energy-sector revival. The agreements underscore Shell's commitment to pursuing attractive growth opportunities and expanding its role in the evolving global energy landscape.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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Shell announces pause in share buyback programme

June 12, 2026

Further to its May 7, 2026 announcement of the start of a $3.0 billion share buyback programme covering an aggregate contract term of approximately three months (the 'programme'), Shell plc (the 'Company') today announces that, following publication of the ARC Resources Ltd. ("ARC") shareholder circular and due to related securities law requirements that apply to the Company, the programme is suspended from, and including, June 12, 2026 until, and including, market close on July 14, 2026, being the published date of the ARC shareholder meeting. Any buybacks not undertaken due to such suspension will be part of the remaining 2026 programmes (subject to Board approval). The Company will provide a further update if the suspension extends beyond the dates set out herein.

Enquiries:

Media: International +44 (0) 207 934 5550;

U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms "joint venture", "joint operations", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim"; "ambition"; ''anticipate''; "aspire", "aspiration", ''believe''; "commit"; "commitment"; ''could''; "desire"; ''estimate''; ''expect''; ''goals''; ''intend''; ''may''; "milestones"; ''objectives''; ''outlook''; ''plan''; ''probably''; ''project''; ''risks''; "schedule"; ''seek''; ''should''; ''target''; "vision"; ''will''; "would" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2025 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, June 12, 2026. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

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Shell's net carbon intensity

Also, in this announcement we may refer to Shell's "net carbon intensity" (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's "net carbon intensity" or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell's net-zero emissions target

Shell's operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell's operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-Looking non-GAAP measures

This announcement may contain certain forward-looking non-GAAP measures such as free cash flow and underlying operating expenses. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements.

The contents of websites referred to in this announcement do not form part of this announcement

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

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This article first appeared on GuruFocus.

Shell (NYSE:SHEL) is moving deeper into Venezuela's energy comeback story, signing 5 new agreements with the government to push ahead on oil and gas projects.

The main prize is Loran, a huge offshore gas field with about 7 Tcf of reserves. Shell is also already linked to Dragon, another Venezuelan gas project with around 4.2 Tcf. If these projects move forward, Venezuela could start sending offshore gas to Trinidad, where it can be processed into LNG and sold into global markets.

Warning! GuruFocus has detected 5 Warning Sign with SHEL. Is SHEL fairly valued? Test your thesis with our free DCF calculator.

That is a big shift for a country with plenty of resources but years of political and operational setbacks. Shell is one of the few major foreign energy companies moving early after Venezuela opened the door to more investment following the Maduro regime's January ouster.

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Transaction in Own Shares

11 June, 2026

• • • • • • • • • • • • • • • •

Shell plc (the 'Company') announces that on 11 June, 2026 it purchased the following number of Shares for cancellation.

Aggregated information on Shares purchased according to trading venue:

Date of Purchase Number of Shares purchased Highest price paid Lowest price paid Volume weighted average price paid per share Venue Currency 11/06/2026 1,395,700 £ 32.9950 £ 32.4700 £ 32.8174 LSE GBP 11/06/2026 299,500 £ 32.9950 £ 32.4700 £ 32.8147 Chi-X (CXE) GBP 11/06/2026 290,823 £ 32.9950 £ 32.4850 £ 32.8175 BATS (BXE) GBP

These share purchases form part of the Company's share buy-back programme previously announced on 7 May 2026.

In respect of this programme, Goldman Sachs International will make trading decisions in relation to the securities independently of the Company for a period from 7 May 2026 up to and including 24 July 2026.

Any such share purchases will be effected within certain pre-set parameters and in accordance with the Company's general authority to repurchase shares. The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes ("EU MAR") and EU MAR as "onshored" into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time ("UK MAR") and the Commission Delegated Regulation (EU) 2016/1052 (the "EU MAR Delegated Regulation") and the EU MAR Delegated Regulation as "onshored" into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time.

In accordance with EU MAR and UK MAR, a breakdown of the individual trades made by Goldman Sachs International on behalf of the Company as a part of the buy-back programme is detailed below.

Enquiries:

Story Continues

Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

Attachment

20260611_Shell RNS - full version

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FTSE 100 jumps 162 points to 10,466 Brent crude futures fall then rise UK economy contracts 0.1% in April Housebuilders show strong recovery

4.17pm: SpaceX and US consumer confidence

The Footsie is heading towards sealing its strongest session in a while, with a gain over over 160 points currently.

British Aiways owner IAG is top of the leaderboard, up 6.7%, followed by miners and banks.

Both the FTSE 100 and FTSE 250 are up over 1.5%, with mid-cap gains led by miners, air travel stocks and Ceres Power.

Oil prices are softening again, with Brent crude down below $85 a barrel now, 3.5% lower on the day and $10 a barrel below highs at the start of the week.

The SpaceX indicative price is still falling but remains well above the issue price.

Latest was $160 apiece, which would be around a 19% premium to the IPO price.

Elsewhere, the US consumer sentiment has improved this month, with the University of Michigan consumer sentiment index rose to 48.9 in June from 44.8 in May, above the consensus forecast of 46.0.

Grace Zwemmer at Oxford Economics says: "Easing gas prices helped lift consumer sentiment this month. However, consumers are still broadly anxious about the health of the economy.

"Both measures of inflation expectations ticked down in June but remain higher than their pre-war levels. Stability in inflation expectations could help the Federal Reserve view the oil price shock to inflation as a one-off."

3.41pm: SpaceX indicated opening price is higher, but falling

The indicative opening price of SpaceX is falling, but still well above the $135 issue price.

Trading may begin around 12:30pm ET (5.30pm UK) or maybe earlier.

Shares are indicated to open at just $168.75 each, a gain of around 25%.

First it was a $174, then $171 then $170, and now below that.

An extra nugget within the SpaceX story is that Elon Musk, who owns about 42% of SpaceX, is going to become the first dollar trillionaire if the price is much above the issue price.

3.21pm: Iran deal based on performance, says White House insider

A White House official is leaking more information on the Iran deal, presumably to counter the "fake news" statements from Tehran.

Reports citing a senior US administration official stress that any sanctions relief would be strictly conditional on Tehran meeting its commitments.

According to the official, the deal would immediately reopen the Strait of Hormuz, easing the blockage for global energy.

There will be "no money" released to Tehran "until they perform", the reports say, suggesting sanctions relief and access to frozen funds would be tied to verified compliance.

Story Continues

The official also said Iran's nuclear material would be "destroyed and removed" and that the country's nuclear programme would be dismantled under the agreement. In addition, the deal would require Iran to cease funding terrorist groups.

What do markets make of it? Brent crude is up above $86 a barrel again, down 1.1% on the day.

The FTSE is striding higher, led by coppper miners Antofagasta and Anglo American, sandwiching British Airways owner IAG, all up over 5.5%.

Next are banks, precious metals miners, and Rolls-Royce. SpaceX investors Scottish Mortgage is up 3.6%, while fellow big tech investor Polar Capital Tech Trust is up 4.3%, catching up with last night's gains.

There are only nine London blue-chjp names in the red, with losses for BP and Shell trimmed slightly, to 2.2% and 1.9%.

3.10pm: SpaceX price expected at 29% premium

Newswire reports suggest the SpaceX IPO attracted more than $350 billion of total investor demand, including over $250 billion from institutional investors alone, making it one of the most heavily oversubscribed offerings in market history.

Institutional allocations appear to have been skewed towards long-term investors, with around 70% of shares sold to institutions allocated to long-only funds and sovereign wealth fundsm, Reuters reported.

The reports confirm that retail investors received about 20% of the shares sold in the IPO, while lower than the mooted 30% is far larger allocation than is typical for a US mega-cap flotation.

According to pre-market indications, SpaceX shares are set to open at around $174, compared with the IPO price of $135, implying a gain of almost 29% on debut.

If that pricing holds, SpaceX's market value would surge well above the $1.75 trillion valuation established in the offering, nearer $2.3 trillion, just shy of Amazon's $2.5 trillion market cap.

2.52pm: Volatile US open after Trump slams Iran

US stocks opened higher but gains were immediately wiped out after some confusion emerged about the purported Iran peace deal.

The Nasdaq has dropped 0.7%, the S&P is down 0.3% and the Dow Jones is just above flat, having opened up around 0.6% higher in initial trades.

President Donald Trump posted on social media that terms Iran leaked out "have NOTHING to do with the terms that were agreed to, in writing". He says Tehran's statement is "dishonourable" and "bears no relation to the truth" and that "they better get their act together, and FAST".

Oil prices have also spiked back to where they were at midnight, with Brent back up to $89 a barrel.

2.10pm: Scottish Mortgage and other trusts that have SpaceX stakes

Nasdaq has announced that the IPO of SpaceX is to be released for stock price quotes at 9:50am Eastern Time (2.50pm London time).

As well as the retail investors excited about the IPO, there are also several investment trusts that have been long backers of the rocket and satellite company, such as Scottish Mortgage Investment Trust PLC (LSE:SMT), which invested as long ago as 2018.

SMT's stake was 21% of its portfolio value, according to an update last week.

Edinburgh Worldwide Investment and Baillie Gifford US Growth Trust, also managed by Baillie Gifford, have sizeable stakes, along with the Schiehallion Fund Ltd.

Schiehallion said it had 14.5% of its assets in SpaceX, Baillie Gifford USA 16.5% and EWI 22%.

Also, Google parent Alphabet owns a stake of around 4.9% of the $1.77 trillion company, having bought in over a decade ago.

Existing backers like Scot Mort and Alphabet are subject to a lockup period after the IPO, liquidity limits and a potential tax hit on an outright sale.

There is a staggered lock-up structure, with expiration at 180 days for general insiders, while Musk and other significant stakeholders subject to a longer 366-day lock-up. Musk is not expected to sell shares at this point, though.

1.44pm: Market scepticism recovering

Oil prices are creeping up again. Brent crude, having fallen from $95 on Thursday night to almost $86 a barrel this morning, is now back up at almost $88.

A report from Axios suggested that both sides have agreed the text, which has been cleared at high levels in Iran but may still lack approval from Supreme Leader Mojtaba Khamenei.

The two sides are said to have agreed the text of a proposed memorandum that would immediately reopen the Strait of Hormuz, extend the ceasefire by 60 days and provide limited sanctions relief in exchange for Iranian commitments on its nuclear programme.

If signed, the agreement mediated by Qatar and Pakistan would be known as the Islamabad agreement.

"Markets are taking Trump’s latest declaration with a degree of caution", says market analyst Fawad Razaqzada at Forex.com.

Economist Kallum Pickering at Peel Hunt notes that President Trump has for the past two months "repeatedly signalled that a deal between the US and Iran to end the conflict and re-open the Strait of Hormuz is imminent".

"Each time, however, negotiations have broken down, or Iran has accused the US of making unjustified claims of a breakthrough."

After last night's announcement, "financial markets appear to be reacting as if a deal is underway"... though "let me emphasise, we have seen this before only for no breakthrough to emerge in the end".

Says Pickering: "If a deal is indeed reached, a big if, expect markets to raise expectations for growth in major economies as inflation worries ease, with expectations for further central bank rate hikes curtailed."

Razaqzada notes that while Trump's claim to have "ended the war with Iran" triggered an immediate risk-on reaction, with equities and bonds in demand as oil fell, "the follow-through remains surprisingly restrained for what would be a significant geopolitical breakthrough".

He adds that "there are still important hurdles to overcome", with Iranian officials have not publicly endorsed the reported framework, and questions remain over whether Tehran will seek additional concessions before signing any deal

1.07pm: US stocks to extend gains

Wall Street is heading for a firmer open, with futures ticking higher as investors weigh President Donald Trump’s sudden shift on Iran and turn attention to a blockbuster market debut.

Dow Jones futures are up over 0.7%, while those for the S&P 500 and the Nasdaq futures are up nearer 0.6%, all extending the strong gains from last night.

That rally came after Trump said US military strikes on Iran were "cancelled" and suggested a peace deal could be close, as "discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved".

The Nasdaq jumped 2.5%, the Dow finished up 1.9% and the S&P gained 1.8% as risk appetite returned.

Today, geopolitics looks set to fade into the background, with all eyes are on the much-anticipated SpaceX IPO, for which many are holding their breath.

12.34pm: Fall in UK GDP 'won't alter BoE outlook', says Barclays

UK monthly GDP contracting 0.1% in April will not alter the Bank of England's thinking much, says economist Jack Meaning at Barclays.

The monthly contraction was in line with other soft Q2 data, he points out, with PMI data weakening, particularly in services, as well as weaker spending signals from Barclays spend trends data.

"We continue to expect the impact of the Middle East conflict to feed into more subdued activity in the next few months," he adds, retain his expectation of 0.1% quarter-on-quarter growth in Q2.

"For the Bank of England, we think the data today will validate their expectation of Q2 growth of 0.1% q/q heading into the meeting next week (18 June), and won't alter their outlook for GDP growth.

"We now look to BoE​/​Ipsos inflation expectations data (12 June), the May inflation data (17 June) and April labour market release (18 June) for any surprises.

"We think the bar for coming data to change the outcome of the June meeting is high, although it may, at the margin, affect the vote split and tone of individual paragraphs."

11.54am: Shell, BP and BAE weigh

Weighing on the index today are falls for energy and defence groups, some heavyweights among only 16 London blue-chips that are in the red currently.

Oil giants BP and Shell are down 4.4% and 3.25%. Defence group BAE Systems is down 1.9%, followed by energy suppliers Centrica and SSE, down 1.9% and 1%.

Next are Sage Group, Bunzl, National Grid, LSE and British American Tobacco.

11.22am: SpaceX UK investors own almost $364 million of the shares

Some more precise details are available on the scale of UK retail participation in SpaceX's record-breaking IPO.

Marex, which operated the UK retail offer through the Winterflood Retail Access Platform, said 2,696,175 shares were allocated to UK retail investors at the IPO price of $135 (£100.65) per share.

This means UK investors own almost $364 million of SpaceX shares.

Investors who applied for up to $2,700 worth of stock received their allocations in full, while larger applications were scaled back. No investor received more than 1,000 shares, Marex said.

Overall, 61% of retail investors received a full allocation, highlighting both the strong demand for the flotation and the relatively generous treatment of smaller investors.

As well as the $75 billion of shares sold in the IPO, underwriters also have the option to sell a further 83.3 million shares.

11.04am: SpaceX touching down

SpaceX’s much-anticipated IPO "has been a roaring success", says Kathleen Brooks at XTB, with huge demand for the shares.

The IPO has raised $75 billion, making it the largest ever, valuing the company at $1.77 trillion, the seventh largest firm on the US stock market.

Trading in New York's Nasdaq begins later, with the company worth more than JP Morgan, Meta, Eli Lilly, Berkshire Hathaway and Tesla, Brooks notes.

It's free float of $75 billion is more on a par with the market caps of Airbnb, Ross Stores and General Motors, though.

"Today comes the real test," says Brooks, as the shares trade on the open market for the first time.

"After Thursday’s stock market rally the scene is set for a strong start, but any sign of weakness on the main US tech exchange could send shivers across financial markets."

She notes reports that the allocation of shares to the retail market has been lower than originally reported at roughly 20% versus the mooted 30%.

"This is still far higher than the usual allocation to the retail trading community and suggests that institutional demand far outstripped supply.

"This signals that everyone wants a slice of SpaceX right now, which could lead to more shares coming to market, should the underwriters exercise their right to sell additional shares in the coming weeks."

10.30am: More market movers

The FTSE 100 has pared some of the morning's gains, and is now 141 points up at 10,445.02. Here's a look at some of the other stocks making big moves today.

Kier Group PLC (LSE:KIE) rose 3.8% after securing a £140 million contract extension with South West Water, part of Pennon Group PLC (LSE, OTC), running through to 2028. The deal extends a 20-year partnership and keeps Kier as sole contractor on the network services alliance. Read more

BSF Enterprise PLC (LSE:BSFA, OTC:BSFAF) plunged 42% after its first T-Rex Leather handbag failed to meet its reserve at a Paris auction. The €150,000 top bid fell short, leaving the item unsold. The company has now withdrawn it for private sale, but says interest in its bio-leather technology remains strong, with ongoing talks in the sportswear and automotive sectors. Read more

Virgin Wines UK PLC (AIM:VINO) fell 14% to 28.8p after warning of a swing to a £1.5 million pre-tax loss for 2026 despite modest revenue growth. Higher duties and weaker consumer confidence weighed on profits. The group still highlighted improving sales momentum and rising customer acquisition, alongside plans for a new £700,000 warehouse investment funded from cash reserves. Read more

MedPal AI plc (AIM:MPAL) surged 25% to a three-month high around 3.88p after UK approval of Novo Nordisk’s oral weight-loss drug boosted sentiment around its new clinic model. The company says the timing is ideal, with its New Health service launching just as demand for GLP-1 treatments expands. It expects oral options to widen uptake beyond injectables, supported by strong US prescription trends. Read more

Cizzle Biotechnology Holdings PLC (LSE:CIZ) shares jumped 10.9% to 3.05p after the company secured a US patent covering methods used to detect its CIZ1B lung cancer biomarker. The patent strengthens its position in a key market and supports plans with partner Cizzle Bio Inc to commercialise the test across North America and the Caribbean. Read more

9.20am: Footsie bounces higher

The FTSE 100 has extended its gains as the morning progresses, now up 148 points at 10,451.84 for a gain of close to 1.5%.

BA-owner International Consolidated Airlines Group SA (LSE:IAG) is now leading the pack, with a 5.5% gain, while Rolls-Royce Holdings PLC (LSE:RR.) has edged into second place, up 4.5%.

"Global equities are ending the week with a powerful relief rally as markets price a rising chance of a US-Iran diplomatic breakthrough," commented Tickmill Group's Patrick Munnelly. "President Trump said the US is nearing a deal with Tehran, raising hopes that a conflict which has driven volatility for more than three months could be moving toward resolution."

Munnelly pointed out that oil is the clearest expression of the shift in risk premia. Brent has fallen another 2% to around $88.50/bbl after President Trump softened military threats and pointed to high-level talks with Iranian officials.

"A formal signing ceremony could reportedly take place as soon as this weekend in Europe, with JD Vance expected to attend," he added. "The market is moving from pricing escalation risk to pricing de-escalation relief. That does not remove geopolitical uncertainty, but it materially reduces the immediate threat of a sustained energy shock."

9am: Housebuilders perk up

UK housebuilders surged on Friday as investors warmed to the prospect of lower interest rates and easing tensions in the Middle East.

Persimmon PLC (LSE:PSN) rose 3.9%, Barratt Redrow PLC (LSE:BTRW) gained 3.7%,Taylor Wimpey PLC (LSE:TW.) added 2.9%, while Vistry Group PLC (LSE:VTY) led the sector with a 5.1% jump.

The gains came despite data showing the UK economy shrank by 0.1% in April. Instead of spooking markets, the weaker GDP reading fuelled expectations that the Bank of England may cut rates sooner rather than later to support growth. The BoE's rate-setting committee meets next week.

Hopes of a peace agreement in the Middle East also lifted sentiment. Oil prices retreated on the prospect of fewer supply disruptions, easing inflation concerns and reducing pressure on policymakers to keep rates higher for longer.

Government bond prices rose, and yields fell as investors increasingly priced in rate cuts rather than hikes. For housebuilders, cheaper borrowing costs could mean more affordable mortgages and stronger demand, helping a sector that has struggled under the weight of higher interest rates.

8.15am: Footsie bounces at the open

The FTSE 100 jumped at the open, gaining 89 points to 10,392.88 in the first 15 minutes of trading on hopes that an end to the conflict in the Middle East is near.

Antofagasta PLC (LSE:ANTO) led the gainers, with a 5.3% gain as copper prices surged on the potential end to the war. Fresnillo PLC (LSE:FRES) was close behind, up 4.9%, while housebuilder Persimmon PLC (LSE:PSN) rose 4.5% after a report suggesting that recent buying activity had been brisk. International Consolidated Airlines Group SA (LSE:IAG) added 4.4% as oil prices fell below $90 a barrel.

BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) have come under pressure due to the lower oil prices, down 3.3% and 2.4% respectively.

"The FTSE100 rode on the coattails of improved global investor sentiment, with a strong open which built on a resilient performance in the previous session," commented interactive investor's Richard Hunter. "The gains came despite the oil majors following the oil price south, with a broad rally which included the housebuilders after a report suggesting that recent buying activity had been brisk."

While markets staged a strong recovery on hopes that the Middle East conflict could finally be coming to an end, Hunter noted that for the US there is only one show in town today.

"The highly anticipated SpaceX IPO will debut today after what has been an unusual run-up," Hunter said. "The price of $135 per share was announced in advance, Elon Musk reportedly negotiated special deals with Wall Street advisors, and the percentage of shares available to retail investors is much higher than would normally be the case. The offering will raise $75 billion for the company, which will be valued at $1.75 trillion."

7.55am: Fickle markets

Markets look set for a positive end to the week after President Trump made a massive about-turn on his plan to "hit Iran hard."

It's not the first time he's indicated a peace deal is at hand. According to a CNBC review of the president’s social media posts and public remarks, Trump has signalled or stated outright more than 30 times that a deal is nearly at hand. CNN puts it higher at 38 times since before April's ceasefire was announced.

"The past 24 hours has seen a sharp reversal in the trajectory of the US–Iran conflict, as mounting hopes of a deal have seen Brent crude fall -1.62% overnight, leaving it on track for a 3-month low of $88.80/bbl. So that’s led to a huge rally across bonds and equities, as lower oil prices have eased fears about a prolonged stagflationary shock," commented Deutsche Bank's Jim Reid.

"With oil prices coming down sharply, alongside hopes that the Strait of Hormuz will reopen, that’s seen investors price out the chance of rapid rate hikes this year. Indeed, as we go to press, markets are now pricing in just a 77% chance of a Fed rate hike by December, having been fully priced in earlier this week."

7.35am: Middle East conflict hits the economy

The UK economy hit a small bump in April, with GDP slipping 0.1% after solid growth in February and March. The monthly decline was largely down to a 0.2% drop in the services sector, while construction edged higher and production was flat.

The bigger picture, though, remains more encouraging. The economy expanded by 0.7% over the three months to April, marking the fifth consecutive period of three-month growth. Services continued to do much of the heavy lifting, with information and communication performing particularly well, alongside retail and professional services. Construction also made a strong contribution.

There were some headwinds. Businesses across sectors said conflict in the Middle East affected trading conditions, with some reporting weaker demand and higher energy and fuel costs.

Even so, GDP was still 1.2% higher than a year earlier, suggesting the UK's growth story remains intact despite a softer start to the second quarter.

FTSE 100 pre-market open

Stocks in London are expected to open higher after US President Donald Trump backtracked on a threat to "hit Iran hard" as he hinted at a major breakthrough in talks.

The FTSE 100 has been called 81 points higher, after closing Thursday's session 49 points up at 10,304. Brent crude has fallen 2% to $88.58 a barrel, while US WTI futures are also lower.

"What’s unbelievable is that after three months of this nonsense, markets still move on words that have little substance," commented Swissquote's Ipek Ozkardeskaya. "This morning, US crude is testing the $85pb level to the downside, its lowest level since the early days of the Iranian conflict. Yet there is no confirmation from Iranian media, and there is nothing to suggest that this time will be the charm."

Overnight, US stocks staged a powerful comeback, with investors piling back into risk assets after President Trump said he had cancelled planned military strikes against Iran and suggested a diplomatic agreement could be close at hand.

The tech-heavy Nasdaq led the advance, jumping 2.5% as traders reversed much of Wednesday's sharp sell-off. The Dow Jones Industrial Average surged 1.9%, and the S&P 500 climbed 1.8%.

As Friday trade draws to a close in Asia, Tokyo's Nikkei is up 2.9%, Hong Kong's Hang Seng is 1.7% higher, and Shanghai's SSE Composite has gained 1.2%. In Seoul, the Kospi has rallied 4.4% after earlier trading 8% higher as foreign investors shifted to net buying for the first time in 25 trading days. Sydney's ASX 200 closed 2% firmer.

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This article first appeared on GuruFocus.

Shell (NYSE:SHEL) CEO Wael Sawan is warning that oil prices may keep moving higher even after the Middle East war ends, with demand likely to stay firm for years.

Speaking at The Wall Street Journal's Leadership Institute CEO Summit, Sawan said prices in the $60 to $70 per barrel range would keep the market stable, but he expects prices to rise over the next 5 to 10 years. His bigger point was that demand is still growing while the easiest oil and gas resources have already been found.

Warning! GuruFocus has detected 3 Warning Sign with SHEL. Is SHEL fairly valued? Test your thesis with our free DCF calculator.

Crude was already moving higher Wednesday as tensions around Iran kept traders on edge. Front month Nymex crude rose 1.7% to $89.76 per barrel, while Brent gained 1.3% to $92.65. Prices also got support after President Trump said Iran had taken too long to negotiate a peace deal and would now have to pay the price.

the takeaway is that oil's upside may not just be about war risk. If demand keeps rising and new supply gets harder to develop, higher crude prices could remain a longer term theme.

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Shell (LSE:SHEL) and its partners reported a significant light oil discovery at the Merlin-1X well offshore Namibia, describing it as an improvement on previous drilling results in the area. The company is also playing a central role in Raízen’s record corporate debt restructuring in Brazil, including a commitment to recapitalize the business. Through its involvement, Shell is set to maintain governance influence at Raízen while supporting the company’s balance sheet reset.

For investors watching LSE:SHEL, these updates touch two core parts of the business: upstream exploration and integrated energy partnerships. Offshore Namibia, the Merlin-1X light oil find adds fresh detail to Shell’s exploration work in a basin that has been drawing increased attention from global energy companies. In Brazil, Raízen’s large-scale restructuring highlights how Shell is using partnership structures to remain closely tied to downstream and bioenergy activity in a major market.

Both developments add new information on how Shell is positioning its portfolio across geographies and parts of the energy value chain. As more data emerges on the Namibian resource and the outcomes of Raízen’s recapitalization, investors will be able to reassess how these projects fit with their own risk tolerance and time horizon for Shell exposure.

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5 things going right for Shell that this headline doesn't cover.

The Namibia discovery and Raízen restructuring give you more detail on how Shell is trying to balance new upstream resources with long-term partnerships in important markets. Merlin-1X confirms light oil in a licence where earlier wells already pointed to hydrocarbons, so it adds another potential option in the project queue rather than an entirely new business line. Raízen’s roughly US$12.6b restructuring, backed by fresh Shell capital, keeps Shell closely linked to Brazilian fuels and bioenergy without owning the business outright. Together, these moves show Shell using both operated assets and equity partnerships to secure access to future production and downstream offtake, while still running sizeable shareholder returns such as buybacks in parallel.

Story Continues

How This Fits Into The Shell Narrative

The Namibia find and continued commitment to Raízen both align with Shell’s focus on higher return upstream projects and integrated gas and power, which is a key theme in the existing narrative. Additional capital into Raízen could test how far Shell can keep funding partnerships, acquisitions and a large buyback program at the same time, which is a concern raised around future financial flexibility. The specific exposure to a new African oil basin and a very large Brazilian restructuring is not fully reflected in the narrative, which focuses more on LNG Canada, cost cuts and portfolio pruning.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Shell to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

⚠️ Execution risk if Merlin-1X and any follow up wells require large development spend in a frontier basin while Shell is already funding deals such as ARC Resources and Raízen’s recapitalization. ⚠️ Credit and governance risk if Raízen’s restructuring does not stabilize its balance sheet as intended, which could pull in more Shell support over time. 🎁 Potential for portfolio-high-grading if Namibia’s light oil resource proves commercially attractive compared with other offshore projects at companies like BP and TotalEnergies. 🎁 Retaining influence at Raízen allows Shell to stay linked to Brazilian fuels and bioenergy demand, which may help diversify cash flow drivers relative to peers focused mainly on upstream barrels.

What To Watch Going Forward

From here, focus on three things. First, how Shell sequences appraisal drilling and any development plans at Merlin-1X, including capital intensity and project economics compared with other offshore options. Second, how Raízen’s leverage, interest costs and cash generation evolve once the restructuring is in place and new capital is deployed. Third, how these commitments sit alongside Shell’s ongoing buyback program and any further portfolio actions in LNG or renewables, especially relative to peers such as BP and Chevron that are also reshaping their project pipelines.

To ensure you're always in the loop on how the latest news impacts the investment narrative for Shell, head to the community page for Shell to never miss an update on the top community narratives.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SHEL.L.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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At the WSJ CEO Summit in London, Shell CEO Wael Sawan said security and geopolitics have become a "big, big portion of the job" in recent years amid the war in Ukraine and heightened tensions in the Middle East."We've had a cruise missile strike on one of our facilities in Qatar, so there is first and foremost a focus on the security of our personnel," Sawan said.

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